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MetLife Unveils Nonprofit Plan Compliance Program

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A large insurer has introduced a support program for public school districts that may have to comply with proposed federal rules for nonprofit retirement plans.

The MetLife Resources unit of MetLife Inc., New York, says the company’s new MetLife ComplyNow program can help school districts meet obligations under the proposed Treasury Department 403(b) plan regulations.

The MetLife ComplyNow program would supply a 403(b) plan document with a sample availability policy; an employee communication plan that could help a district show that it offers “universal availability” for 403(b) plan contributions; and contribution limit monitoring software that would help the district monitor plan contributions, MetLife says.

MetLife says it will update the program to meet the requirements of the final version of the proposed 403(b) plan regulations.